What she needs to know is how will the 1099C affect her income for taxes and for the kids school loans - FAFSA. If the forgiveness of debt shows as income, then she might have to pay more for education and not receive the loans, scholarships, and grants the kids need to help pay for college. That would be a disaster for the two children currently attending college.As of now she is under the impression that going into bankruptcy she will not receive any 1099 on the foreclosure, there will be no forgiveness of debt, nor can she be sued for the debt later on.ThanksBirgit
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